Optometrists and ophthalmologists have a special place in the medical industry. They are responsible for maintaining the health of one of the five core senses that patients – regardless of age, gender, or any other dividing factor – all agree is an important part of life. Just as it is your job to care for the vision of your patients, at Parkhurst Consulting it is our job to care for the vision you have for your practice. We provide vital financial services that help you keep your eyes open to potential inefficiencies and allow you to see areas of your practice that can provide an increase in revenue if properly maintained. Many accounting firms have tunnel vision – focusing only on the bottom line. Our firm differentiates itself with a top-down methodology and a financial philosophy that has become well-known for helping medical professionals reduce their tax liability, increase their revenue, and grow their practices.
What would it take to motivate you to think about how much something you’re not doing is costing you? Have you ever stopped to consider how small inefficiencies affect your practice? Inefficiencies such as patient no-shows, failure to return phone calls, slow processing of insurance claims, and low new-to-return or infrequent-to-regular patient conversion percentages can cost an optometry practice thousands of dollars each year. These may seem like small matters, something to be handled when you aren’t so busy; but have you ever analyzed the dollar amount lost because you were just too busy?
Professional Services for Eye Care Professionals in Private Practice
Traditional tax and accounting services barely skim the surface of the needs an optometrist’s office has. Our firm understands the amount of time and dedication it takes to building a successful practice, and we provide several fee-based, industry-specific consulting services to help you understand your financial position. True financial consulting involves in-depth benchmarking of a practice’s Key Performance Indicators (KPIs) to determine areas of inefficiency and acts as a foundation for measuring the progress made toward reducing inefficiencies to meet an organization’s goals.
While our basic accounting and tax services are a benefit to Central Texas optometrists, our firm provides several unique services that doctors across the country desire. These services can be customized to your individual practice needs, and inlcude but are not limited to:
- Business valuation and transition strategies with a partner(s)
- Merger or acquisition of a practice
- Ratio & industry benchmarking
- Split-up of a partnership
- Implementation of strategy-based partnership income allocation methodologies
- Benchmarking of overhead and practice fee assessments and consulting
- Comprehensive financial planning
- Practice development services, including business and marketing plan coaching, HR consulting, and management mentoring
- 360 Analysis of the practice
Are the office visit fees too low? Is the clinic spending excessive amounts of money on unnecessary overhead expenses? Are the collections timely and adequate? How does my practice stack up against the competition? These are all questions an eye care professional needs to ask that industry benchmarking can answer. If you don’t benchmark your practice against other optometry firms or vision centers, and against the goals you’ve personally set, how will you know which areas you need to improve? Regardless of your goal, we can find the causes of inefficiency and work with you to determine what the cost is to your practice in dollars, and point you in the direction to increase productivity and revenue.
Start-up & Transition Services for Optometry Partnerships
Many optometrists are either in the beginning stages of their career, or are looking to advance their career by partnering with an established optometry clinic. Other optometrists choose to start their career at a vision franchise, where the financial side of the clinic is handled by another owner or corporate accounting department. This is a great place to start, because it allows a new optometrists to spend more time on patient care without the hassle of bookkeeping, accounting, or other tedious financial paperwork. But what if you could have that kind of convenience in your own practice, or as a partner in an established optometry firm?
On that note, if such an opportunity existed, how would you value a practice to determine wage-splitting? Is it always 50/50 in a partnership? These are questions for both an optometrist who is considering partnering with an established firm, and for the seasoned vision specialist who is considering expanding his or her practice. If you already have an established optometry career and are thinking about bringing on a new doctor or other eye care professional to help your practice continue to grow and succeed, some of the same services we offer new optometrists from the buyer-side perspective can be taken advantage of from a seller-side perspective. Based on the activities a new partner will be performing, we can assess the value of those activities to the practice and help devise a customized plan for dividing income between partners. This service can also be used when dissolving a partnership as an optometrist or other eye care professional who has a stake in the firm transitions out of the practice.
Let Us Serve You
Just one consultation is all it will take for you to understand the value our firm can add to your career as an optometrist. We understand that financial services require a good fit on both sides, and would be happy to schedule a free initial consultation to discuss the financial statements for your practice and show you what we can do for you. For more information about the specific services Parkhurst Consulting offers, or to learn how we can help you save money on taxes, better understand the financial side of an optometry office, or grow your practice by correcting inefficiencies give us a call at 512.582.7500. We will send you an information packet via email or post, which ever is convenient. We look forward to working with you.